1. 1 GFNORTE: 1H07 Results September, 2007

2. 2 1.1H07 Overview. 2.Stock Metrics. 3.Final Considerations. Contents

3. 3 1. 1H07 Overview

4. 4 Highlights CONSTANT MILLION PESOS Performing Loan Growth Past Due Loan Ratio Reserve Coverage Net Income ROE Stock Price EPS P/BV Net Interest Margin Tax Rate 1H071H06 25%28% 0.750.83 1.6% 174% 1.5% 141% 12% 36%35% 2,938 12% 3,292 26%24% 26.25 89% 49.58 7.6%7.3% 2.21 55% 3.42

5. 5 Income Statement CONSTANT MILLION PESOS Net Interest Income Service Fees Recovery FX & Trading Non Interest Income Total Income Non Interest Expense Net Operating Income Non Operating Income (Expense) Net Income Tax Net Income Provisions Subsidiaries and Minority Interest 1H06 Change1H07 11%7,8437,069 10% (51%) (7%) (3%) 2,760 288 883 3,932 2,519 587 947 4,054 6%6% 8%8% 11,775 (6,792) 11,123 (6,288) 3%3% 1,462% 18% 12% 18% (70%) 4,983 931 (1,742) 3,292 (987) 108 4,835 60 (1,472) 2,938 (839) 354

6. 6 Recurring Net Income 635 2Q04 1,345 2Q05 1,521 2Q06 CONSTANT MILLION PESOS 1,325 1Q07 1,675 2Q07 1,617 2,196 851 292 Recurring Non Recurring

7. 7 Non Interest Expense CONSTANT BILLION PESOS EFFICIENCY RATIO Non Interest Expense 1H06 6.3 1H07 6.8 8% 57% 1H05 56% 1H06 57% 1H07 54% New Accounting Standards + Expansion Program 300bp

8. 8 Net Interest Margin vs CETES PERCENTAGE 106% CETES NIM 8.1 9.0 9.7 9.5 8.6 7.6 7.0 6.2 7.3 8.5 8.3 8.5 7.5 7.1 7.0 7.7 8.0 7.9 77% 7.5 7.1 1Q074Q041Q052Q053Q054Q051Q062Q063Q064Q062Q07 Average CETE : 1H05: 9.34% 1H06:7.36% 1H07:7.09%

9. 9 Core Deposits CONSTANT BILLION PESOS Mix Demand Time Demand Time Total Deposits2Q052Q072Q06 98 58 156 83 46 128 71 40 111 22%16% 9%12%10% YoY Change w/o INB 18% 28% 17% 14% 63% 37% 100% 64% 36% 100% 64% 36% 100%

10. 10 CONSTANT BILLION PESOS Performing Loan Portfolio 2Q061Q072Q07 QoQ Change YoY Commercial Corporate Government Total Consumer 2Q061Q072Q07 128 150 163 5%35% 19%36% 13%25% 9%28% 8%17% 63 30 17 163 54 60 25 15 150 50 46 22 13 128 46 YoY w/o Extras 26%19%28%

11. 11 Performing Consumer Loan Portfolio CONSTANT BILLION PESOS QoQ Change YoY 2Q061Q072Q07 46 50 54 3%5% 10%45% 10%26% 8%17% 8%11% 12 26% YoY Change w/o Extras 25% Consumer Car Loans Credit Card Payroll Loans Mortgage 2Q061Q072Q07 7 6 54 30 6 10 5 50 28 6 8 4 46 27

12. 12 Asset Quality Past Due Loans Loan Loss Reserves 2Q061Q072Q07 RESERVE COVERAGE PAST DUE LOAN RATIO 2Q061Q072Q072Q061Q072Q07 Total Loan Portfolio CONSTANT BILLION PESOS 2.0 3.6 141% 174% 149% 1.5% 1.6% 1.4% 132 2.2 3.3 154 2.5 3.5 168

13. 13 Capitalization Ratio Tier 1 Tier 2 TOTAL 2Q052Q062Q07 Percentage Tier 1 10.9% 4.3% 15.2% 72% 14.0% 3.3% 17.3% 81% 12.7% 2.6% 15.2% 83% PERCENTAGE

14. 14 Net Income 1H05 362 1H06 406 1H07 313 CONSTANT MILLION PESOS 46 39 30 19 25 32 2Q032Q042Q05 Banorte IPAB 65 63 62 4 55 2Q06 59 2 55 2Q07 57 ASSETS UNDER MANAGEMENT CONSTANT BILLION PESOS Assets 6.2 Portfolio 49.0 Total: 56.5 Investment Projects 1.3 ASSET BREAKDOWN 2Q07 CONSTANT BILLION PESOS Recovery Bank

15. 15 AFOREINSURANCEANNUITIES LONG TERM SAVINGS 248 408 1H051H06 250 1H07 82 45 1H051H06 33 1H07 26 256 1H051H06 143 1H07 140 108 1H051H06 74 1H07 ROE: 13% ROE: 84% ROE: 19% Long Term Savings NET INCOME IN CONSTANT MILLION PESOS

16. 16 BROKERAGE HOUSE OTHER FINANCE COMPANIES 46 77 1H051H06 122 1H07 102 130 1H051H06 144 1H07 NET INCOME IN CONSTANT MILLION PESOS ROE: 32% ROE: 25% Subsidiaries

17. 17 CONSTANT MILLION DOLLARS INB Results Net Interest Margin4.7% 1H07 4.5% Performing Loan Portfolio721922 28% Deposits9771,280 31% Efficiency43.5%41.3% 1H06 ROE20.8%23.7% ROA1.8% Net Income (Banorte’s 70%)7.08.8 25%

18. 18 Commissions and fees: +11%. International services, remittances and letters of credit. Banorte Securities. Operating Income: +32%; Net Income: +70%. Branch referrals. US $40 million. 2,672 accounts. Cross border mortgages. Origination: US $39 million in 1H07; US $80 million expected in ’07. Banorte USA Developments

19. 19 2. Stock Metrics

20. 20 2004 - 2007 Stock Performance Bolsa: 334 Banorte: 478

21. 21 MILLION DOLLARS 1,792 1,420 2Q032Q04 3,365 2Q05 CAGR 60% 4,660 2Q06 9,209 2Q07 Market Capitalization 8,478 Aug-07

22. 22 1H031H04 2.0 5.4 1H05 7.2 1H06 14.9 CAGR 78% 1H07 20.2 MILLION DOLLARS Daily Turnover

23. 23 3. Final Considerations

24. 24 Final Considerations Profitability. Average NIM of 7.5% during the year. Consensus Net Income for ’07e: Ps $6.7 – $6.8 billion. Branch Expansion Program. Total: 70 in 2007. 52 new branches in ’07 (29 originally planned) and 50 in ‘08. 18 refurbishments and relocations in ’07 and 18 in ‘08. Planned investment of US $30 million remains unaltered. Asset Quality. Seasoning of the credit card portfolio. Provisions: 1.5% of the average loan portfolio during the year.

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